XRP’s price fell to $1.51, testing a critical demand zone between $1.55 and $1.60 amid strong bearish momentum. The cryptocurrency’s trading volume surged 35.91% to $4.09 billion while it faced resistance from a new supply area at $2.00-$2.20. Analysts state any rally below $2.20 remains a corrective relief move rather than a true trend reversal.
XRP declined to $1.51 on Wednesday as sustained selling pressure pushed the asset toward a crucial higher-timeframe demand zone. The daily chart shows lower lows and highs, confirming the ongoing downtrend as the token approaches the key $1.50 support level.
Previous demand areas have now turned into supply zones, notably the $2.00-$2.20 price range. Analysts warn that movements toward this area are considered corrections unless XRP can close decisively above it.
Crypto analyst BitGuru highlighted that XRP is bouncing from the $1.55-$1.60 demand zone. He noted support remains at $1.55, while resistance sits at $1.93, $2.20, and $2.65.
Another analyst, Maxi, mentioned that XRP must break out from its bear channel to indicate a real trend change. He said that recent positive movements for cryptocurrency are just relief rallies and are not enough to indicate a reversal.
Market data from CoinGlass shows futures volume increased 60.22% to $6.82 billion. Meanwhile, open interest declined by 5.38% to $2.64 billion, with an OI-weighted funding rate of 0.0073%.
The asset’s price has fallen 17.5% over the past week according to CoinMarketCap data. Traders are now watching to see if buyers can defend the $1.50-$1.60 zone or if bearish momentum will lead to a deeper decline.
